Usha Martin rises as its arm to acquire 2.02% stake in USSIL
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Usha Martin is currently trading at Rs. 412.10, up by 4.55 points or 1.12% from its previous closing of Rs. 407.55 on the BSE.
The scrip opened at Rs. 409.95 and has touched a high and low of Rs. 414.05 and Rs. 406.35 respectively. So far 15987 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 450.85 on 15-Oct-2024 and a 52 week low of Rs. 272.65 on 14-Mar-2024.
Last one week high and low of the scrip stood at Rs. 415.45 and Rs. 376.00 respectively. The current market cap of the company is Rs. 12558.42 crore.
The promoters holding in the company stood at 43.54%, while Institutions and Non-Institutions held 21.86% and 34.60% respectively.
Usha Martin’s wholly owned subsidiary -- Usha Martin Americas Inc. (UMAI) has entered into an agreement to acquire 2.02% of the share capital of Usha Siam Steel Industries Public Company (USSIL), a subsidiary of the company from Kobelco Wire Company.
Subsequent to the acquisition of the said shares by UMAI, USSIL shall become a step-down wholly owned subsidiary of the company. The cost of acquisition is around Baht 14.25 million.
Usha Martin is one of the world’s leading manufacturer of wire rope.
